Hello Traders,
It's been a rough week for the crypto market, Bitcoin has lost almost 30% of its value, and it's not done yet.
What is the next target ?
The Fibonacci tool allow us to detect the supports and resistances, as we can see the first stop (0.382) is located around $41 000, so we can expect the price to drop to these level
What tells us that the price will drop ?
As we can see on the chart, the price could not bounce on the previous lower low. The OBV (blue line) show a decrease in the total volume which means that a lot of whales are selling.
Moreover, the RSI and the MACD are making new lows which indicates that the momentum is bearish.
What will happen once the price reaches this zone ?
Once the price reaches this zone, there are 2 possible patterns :
First pattern : the price lose its momentum, and we can expect a consolidation before the price goes back up
Second Pattern : the bears are stronger and breaks through the first stop, which indicates the beginning of the bear market
Question of the day ?
How much bitcoin do you have in your wallet ?
It's been a rough week for the crypto market, Bitcoin has lost almost 30% of its value, and it's not done yet.
What is the next target ?
The Fibonacci tool allow us to detect the supports and resistances, as we can see the first stop (0.382) is located around $41 000, so we can expect the price to drop to these level
What tells us that the price will drop ?
As we can see on the chart, the price could not bounce on the previous lower low. The OBV (blue line) show a decrease in the total volume which means that a lot of whales are selling.
Moreover, the RSI and the MACD are making new lows which indicates that the momentum is bearish.
What will happen once the price reaches this zone ?
Once the price reaches this zone, there are 2 possible patterns :
First pattern : the price lose its momentum, and we can expect a consolidation before the price goes back up
Second Pattern : the bears are stronger and breaks through the first stop, which indicates the beginning of the bear market
Question of the day ?
How much bitcoin do you have in your wallet ?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.